Bank's ATM now allowing smaller bill dispensions

Anyone who uses a PNC Bank ATM will soon be able to withdraw money in $1s, $10s and $20s.

Amanda Memrick

It’s a familiar scene.

You need $15 cash, so you go to the ATM.

The smallest amount a person can usually withdraw from an ATM is $20. Just need $25? That means withdrawing $40.

The standard practice for ATMs calls for doling out money in increments of 20.

But not anymore.

Anyone who uses a PNC Bank ATM will soon be able to withdraw money in $1s, $10s and $20s.

PNC Bank retail manager Shirley Edmond said the change came about because clients changed their preferences for banking.

People want to be able to withdraw whatever amount of money they chose without worrying that withdrawing an extra $20 would make their account overdrawn.

Here’s how it will work: If a person wants $17, the ATM will dispense a $10 and seven $1 bills. If a person wants $32.50, the ATM will dole out a $20 bill, a $10 bill and three $1 bills. Fifty cents will be deposited into the clients account.

All of the ATMS at the bank’s branches – including the two in Gaston County and one in Cleveland County – will have the capability to dispense different denominations by the end of summer, Edmond said. When the company has finished with the upgrades, all of its 7,200 ATMs will be able to dole out $1 bills.

“This is just one way that we’re making life a little more convenient for our clients,” Edmond said. “Customers do want more flexibility based on the conversations that we’ve had.”

The virtual wallet features a calendar that shows how much money an account contains each day. The virtual wallet divides accounts into three separate accounts – a spending account for everyday banking, a reserve account for short-term savings and overdraft protection and a high-yield growth account.

A virtual wallet app can be downloaded to customers’ cell phones for banking on the go.

PNC isn’t the only bank trying to cater to customers who want banking on the go.

Wells Fargo and Bank of America both provide options for people to use their phones instead of going to the bank.

Each bank offers text banking for customers with a more basic phone and mobile banking and apps for people with a smartphone.

“Retail customers now conduct roughly six of every seven banking transactions outside of the branch, mostly through electronic alternatives,” Spitler wrote in the March 2013 Novantas Review. “Customers now prefer email, contact center and even text messaging over in-person contacts for routine problem solving.”

You can reach Amanda Memrick at 704-869-1839 or twitter.com/AmandaMemrick.